At first glance, the retirement income options can be confusing. But they don't have to be.

With a little planning and a financial strategy in mind, you will be able to choose the option or options that will best fit your needs.

What you decide to do with your retirement savings will depend on your needs and those of your family. Spending some time figuring out what those requirements are will help you determine which income option or combination of options will help keep your money working for you.

Registered Retirement Income Funds (RRIFs) and Annuities are the "back end" of an RRSP. They all involve the withdrawal, over time, of the money invested into your RRSP. Each option has a number of different characteristics concerning investor control, withdrawal period, withdrawal amount, transfer of assets, tax concerns, and more.

Do you want complete control and flexibility of your retirement savings? If so, a RRIF may be your best choice for non-locked-in savings. Is it important to have a guaranteed and predictable retirement income during your lifetime and that of your spouse? If so, you may want to consider a life annuity. If you want some income that is guaranteed AND some that is flexible, a combination of income options could work out well. For instance, you may want to purchase a life annuity to cover your basic expenses including food and shelter and receive the rest of your money in a more flexible way.

Life and health insurance products are provided by Capital Estate Planning Corp. through PPI Solutions. Life and health insurance products and services are not available through Desjardins Financial Security Investments Inc. (DFS Investments) nor are the insurance plans or services available and/or offered supervised or reviewed by DFS Investments. DFS Investments is the Mutual Fund dealer through which Mutual Fund products and services are provided.

Contact us today to figure out the best course of action for taking out your retirement income!